Raja Ravi Varma’s Yashoda & Krishna Sells for ₹167 Crore, Sets New Indian Art Record

2 April 2026: Raja Ravi Varma’s Yashoda & Krishna becomes India’s most expensive modern artwork, sold for ₹167 crore at a Saffronart auction.

The Indian art market witnessed a historic milestone as Yashoda & Krishna, an iconic painting by Raja Ravi Varma, was sold for a record-breaking ₹167.2 crore (approximately $18 million) at an auction conducted by Saffronart. The buyer, noted industrialist Cyrus S. Poonawalla, described the acquisition as both a privilege and a responsibility, emphasizing the importance of preserving and showcasing such a significant cultural asset.

The sale marks the highest price ever achieved for a modern Indian artwork at auction, surpassing the previous record held by Untitled (Gram Yatra) by M. F. Husain, which had sold for over ₹118 crore in 2025. Notably, the final bid significantly exceeded the painting’s pre-sale estimate of ₹80–120 crore, reflecting strong demand and growing global recognition for Indian masterpieces.

Yashoda & Krishna is widely regarded as one of the most emotionally resonant works by Raja Ravi Varma. The painting captures a tender moment between mother Yashoda and the child deity Krishna, blending devotional symbolism with a deeply human portrayal. Varma’s distinctive style—merging European academic realism with Indian mythological narratives—played a pivotal role in redefining Indian visual culture during the late 19th century.

Born in 1848 in the princely state of Travancore, Raja Ravi Varma is celebrated for revolutionizing Indian art by introducing oil painting techniques and perspective drawn from European traditions. His work made mythological subjects more relatable and accessible to a broader audience. Beyond his artistic contributions, he established a lithographic press in 1894, which enabled mass production of his paintings. This innovation brought images of Hindu deities into ordinary homes, significantly shaping the popular visual imagination of Indian mythology.

The significance of this record-breaking sale extends beyond the artwork itself. It signals a renewed confidence and momentum in the Indian art market, with collectors increasingly valuing culturally significant works that combine historical importance with artistic excellence. Auction platforms like Saffronart have played a key role in elevating Indian art to the global stage, attracting participation from international buyers and investors.

In his statement following the purchase, Cyrus S. Poonawalla highlighted the need to make such masterpieces accessible to the public, suggesting that the painting may be exhibited periodically. This approach aligns with a broader trend among private collectors who are increasingly viewing themselves as custodians of cultural heritage rather than mere owners.

The sale of Yashoda & Krishna not only establishes a new financial benchmark but also reinforces the enduring legacy of Raja Ravi Varma. More than a century after their creation, his works continue to resonate deeply with audiences, bridging the gap between tradition and modernity. As Indian art continues to gain prominence globally, this milestone underscores the timeless relevance and value of the country’s artistic heritage.

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